Request to pay is a new, flexible way for bills to be settled between people, organisations and businesses.
It’s a messaging service that has been created to complement existing payments infrastructure and gives billers the ability to request payment for a bill rather than simply sending an invoice or a bill. For each ‘request’, customers will be able to pay in full, pay in part, ask for more time, communicate with the biller, or decline to pay. A customer’s response does not change their legal obligations.
Request to pay is currently in a closed pilot testing phase. Future vendors of the service including fintechs, major billers and household name financial services providers are testing the rules, standards and functionality of the service in a closed environment.
The first successful request messages were sent just this week. Testing is expected to end later this year ahead of a planned market launch of the rules and standards in early 2020.
Request to pay – exploring industry views
Prior to that introduction, Pay.UK has sought to test the market’s reaction to this new service and explore potential opportunities for and barriers to implementation and market uptake.
At the end of 2018 we commissioned Ipsos MORI to conduct research with stakeholders including businesses, charities and financial institutions. Qualitative research then took place in early 2019, comprising roundtable discussions and in-depth interviews focused on sectors with the potential to benefit from the service.
The findings are now published in this report: Request to pay – exploring industry views. It presents the independent conclusions and recommendations, and highlights the themes that emerged from speaking to payments decision-makers across a variety of businesses.